US Stocks Move Broadly Lower in Early Trade; Oil Rising

Associated Press |

U.S. stocks moved broadly lower in early trading Monday, weighed down by losses in technology companies and banks. Consumer-focused companies and media and communications stocks also took losses. Crude oil prices were headed higher, snapping a 10-day skid, after Saudi Arabia said it planned to cut its output.

KEEPING SCORE: The S&P 500 index dropped 21 points, or 0.8 percent, to 2,759 as of . The Dow Jones Industrial Average fell 179 points, or 0.7 percent, to 25,809. The Nasdaq composite slid 106 points, or 1.4 percent, to 7,300. The Russell 2000 index of smaller companies gave up 7 points, or 0.5 percent, to 1,542.

TECH TUMBLE: Losses in technology sector stocks led the market lower. Chipmaker Nvidia slumped 5.6 percent to $194.16.

FINANCIALS SLIDE: Banks and other financial companies also took heavy losses. Goldman Sachs slid 2.4 percent to $217.15

LIFELINE EXTENDED: Athenahealth jumped 9.6 percent to $131.85 after the struggling medical billing software maker received a $5.7 billion cash buyout offer.

BOND YIELDS: Bond prices rose. The yield on the 10-year Treasury note fell to 3.18 percent from 3.19 percent late Friday.

ENERGY: Benchmark U.S. crude bounced back from 10 days of losses, climbing 0.7 percent to $60.60 per barrel in New York. Brent crude, used to price international oils, picked up 0.8 percent to $70.74 per barrel in London. Oil futures rose on news that major producers planned to reduce output. Saudi Arabian energy minister Khalid al-Falih said Sunday that the kingdom will reduce exports by around 500,000 barrels a day from November to December. Russian oil minister Alexander Novak said at a meeting of oil producers in Abu Dhabi that his country was open to cuts.

CURRENCIES: The dollar slipped to 113.79 yen from 113.80 yen on Friday. The euro fell to $1.1269 from $1.1336. The British pound weakened to $1.2914 from $1.2975 amid concerns that Britain's government is struggling to find unity on a Brexit deal.

MARKETS OVERSEAS: Major stock indexes in Europe declined. Germany's DAX lost 1.3 percent and France's CAC 40 fell 0.5 percent. Britain's FTSE 100 shed 0.5 percent. In Asia, markets finished mixed. Japan's Nikkei 225 added 0.1 percent, while Hong Kong's Hang Seng rose 0.1 percent. Australia's S&P-ASX 200 gained 0.3 percent. The Kospi in South Korea dipped 0.3 percent.

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